Copenhagen Infrastructure Partners (CIP) has reached an agreement to acquire the proposed 480MW Morecambe offshore wind farm, located off the north-west coast of England, from Cobra and Flotation Energy. The financial details of the transaction for the fixed-bottom Round 4 site, which is currently under review by UK planners, were not disclosed.
Following the customary approvals and conditions, the deal will close, with Flotation Energy remaining involved as a development partner for the project. Located approximately 30 kilometers off the coast of Lancashire, the Morecambe project is seen as a key contributor to the UK's renewable energy goals.
Nischal Agarwal, a partner at CIP, emphasized the project's potential, stating, “The project has excellent fundamental qualities and is well placed to contribute to the UK's Clean Power 2030 Action Plan.” He added that the acquisition reflects CIP's confidence in the UK Government's offshore wind target, supported by the country's Contract for Difference (CfD) scheme and reforms to accelerate planning and grid processes.
CIP has extensive experience in developing renewable energy projects in the UK, including its involvement as a shareholder in the Beatrice offshore wind project off Scotland. The acquisition of Morecambe is part of CIP's expanding UK development portfolio, which now exceeds 25GW and spans a diverse range of renewable technologies, including offshore and onshore wind, solar, energy storage systems (BESS), and network infrastructure.
The Morecambe project will be included in CIP's CI V flagship fund, which has a target size of €12 billion. This fund invests in various renewable technologies across Europe, North America, and the Asia Pacific region.
